Rays of Belief Ltd
Incorporated in 2017, Rays of Belief Ltd.
is a for-profit social enterprise providing personalised intervention plans for children
with Neurodevelopmental Disorders (NDDs).[1]
- Market Cap ₹ 592 Cr.
- Current Price ₹ 283
- High / Low ₹ 315 / 201
- Stock P/E 285
- Book Value ₹ 69.6
- Dividend Yield 0.00 %
- ROCE 12.7 %
- ROE 7.65 %
- Face Value ₹ 10.0
Pros
Cons
- Stock is trading at 4.07 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 40.0 to 86.8 days.
- Working capital days have increased from 37.3 days to 97.9 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 22.13 | 30.61 | 36.42 | 47.58 | |
| Sales growth | +38.32% | +18.98% | +30.64% | |
| 29.29 | 29.04 | 33.64 | 42.10 | |
| Operating Profit | -7.16 | 1.57 | 2.78 | 5.48 |
| OPM % | -32.35% | 5.13% | 7.63% | 11.52% |
| 0.14 | 0.15 | 0.19 | 0.40 | |
| Interest | 0.20 | 0.21 | 0.70 | 0.88 |
| Depreciation | 1.24 | 1.41 | 2.19 | 2.49 |
| Profit before tax | -8.46 | 0.10 | 0.08 | 2.51 |
| Tax % | 0.00% | -750.00% | -7,000.00% | 36.25% |
| -8.46 | 0.85 | 5.68 | 1.60 | |
| EPS in Rs | -6.09 | 0.59 | 3.86 | 1.03 |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 29% |
| TTM: | 31% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 30% |
| TTM: | -72% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 22% |
| Last Year: | 8% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 0.30 | 0.31 | 0.32 | 15.59 | 20.90 |
| Reserves | 4.06 | 5.47 | 14.77 | 11.14 | 124.52 |
| 1.41 | 2.13 | 6.58 | 4.85 | 22.84 | |
| 2.01 | 4.99 | 4.52 | 5.85 | 8.94 | |
| Total Liabilities | 7.78 | 12.90 | 26.19 | 37.43 | 177.20 |
| 2.13 | 3.55 | 4.19 | 2.85 | 3.46 | |
| CWIP | 0.05 | 0.39 | 0.31 | 0.00 | 0.00 |
| Investments | 0.00 | 0.00 | 0.00 | 5.16 | 24.35 |
| 5.60 | 8.96 | 21.69 | 29.42 | 149.39 | |
| Total Assets | 7.78 | 12.90 | 26.19 | 37.43 | 177.20 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| -6.86 | 2.10 | -1.81 | -4.21 | |
| 1.52 | -2.75 | -2.04 | -7.53 | |
| 7.56 | 1.04 | 4.90 | 7.61 | |
| Net Cash Flow | 2.22 | 0.39 | 1.05 | -4.13 |
| Free Cash Flow | -7.58 | 0.62 | -3.58 | -5.04 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 96% | 140% | -64% | -76% |
Ratios
Standalone / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 0.66 | 2.15 | 30.87 | 86.84 |
| Inventory Days | ||||
| Days Payable | ||||
| Cash Conversion Cycle | 0.66 | 2.15 | 30.87 | 86.84 |
| Working Capital Days | -17.81 | -13.36 | 27.26 | 97.89 |
| ROCE % | 4.53% | 5.27% | 12.73% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- CARE report for quarter ended September 30, 2026 shows IPO proceeds utilized; no deviation detected.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
- Newspaper publication for Unaudited Financial Results for the Quarter and Half year ended September 30, 2026
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026
-
Board Meeting Outcome for Outcome Of The Meeting
- Board approved Q2 FY27 results; disclosed City Pro acquisition, IPO proceeds, and ₹150 million NCDs.
-
Board Meeting Intimation for Board Meeting Intimation For Un-Audited Results (Standalone And Consolidated) For The Quarter And Half Year Ended On September 30, 2026
- Board meeting on November 12, 2026 to approve Q2 and half-year unaudited results; trading window closes till November 14.
Business Overview:[1]
Rays of Belief Limited is focused on providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs). Its target conditions include Autism Spectrum Disorder (ASD), ADHD, Down Syndrome (DS), Cerebral Palsy (CP), Intellectual Disability (ID), Learning Disabilities (LD) and Global Developmental Delay (GDD). The company operates under the Mom’s Belief brand.
The Co. has a network of 136 centres across 57 cities and 20 states/UTs as of March 2026. The network is skewed towards Tier-2 cities, with 77 Tier-2 centres, 42 Tier-1 centres and 17 Tier-3 centres, giving the company a presence in relatively underserved markets.[2]